Friedrich Hayek – The Use of Knowledge in Society. The American Economic Review, Vol. 35, Issue 4 (September 1945), 519-530. NOTES: Using rational economic order has a problem: We use all relevant info We use a coherent system of preferences We use complete knowledge of relevant means Problem becomes just using logic to solve the… Read more Friedrich Hayek – The Use of Knowledge in Society

“Manifesto of the Communist Party” – Karl Marx and Friedrich Engels Introduction Communism is coming. All of the old powers of Europe right and left to stop it This is an acknowledgement that Communism is a force to be reckoned with Communists need to stop hiding and make themselves be heard Chapter 1 – Bourgeois… Read more “Manifesto of the Communist Party” – Karl Marx and Friedrich Engels

“Wealth of Nations” Book I by Adam Smith (1776) Introduction Discussion on Wealth: Ratio of Total Amount Produced / Total Number of Consumers If this ratio goes up, the nation is better off and wealthier Q: Why do country have different have different ratios? Either higher or lower? Chapter 1 – Division of Labor The… Read more “Wealth of Nations” Book I by Adam Smith (1776)